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Bankruptcy: the unemployment rate in October 2017 was 4.1%

Posted on December 7, 2017 · Posted in Bankruptcy

This represents a slight decrease from September, when it was 4.2%, and a decrease from 2016, when unemployment was 4.8% in October.  Over the past 10 years, unemployment has ranged from a high of 10.0% in October 2009 to a low of 4.1% this month.

For historical perspective, double-digit unemployment is rare and has occurred in only 11 months since 1948 – 10 months in 1982 & 1983 and 1 month in 2009.  The lowest unemployment rate since 1948 was 2.5% for two months in 1953.

Low unemployment is generally good for most households, inasmuch as it decreases job competition for the unemployed and even increases the bargaining power of employees who already have jobs.

However, for some, prolonged periods of unemployment lead to difficulty in paying for household expenses, such as food, clothing, utilities, housing, and transportation.  In these cases, borrowing may be unavoidable.  My advice is to do your best to find a source of income.  When a source of income is found, try to pay back the debts you incurred.  If you find that you are unable to make ends meet, credit counseling may be helpful in negotiating lower interest rates, longer terms, and lower monthly payment amounts.  If not, please do not hesitate to contact us about bankruptcy.

Stover McGlaughlin is a debt relief agency.  We are proud of our 40-year tradition of helping people file for bankruptcy relief under the Bankruptcy Code.

Serving Centre, Clearfield, Clinton, Huntingdon, and Mifflin Counties, including the communities of Bellefonte, Burnham, Clearfield, Curwensville, DuBois, Huntingdon, Lewistown, Lock Haven, Mount Union, Philipsburg, and State College.

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